The ultrasonic segment is projected to grow at the highest CAGR during the forecast period

Based on type, the ultrasonic segment is projected to grow at the highest CAGR from 2017 to 2022.

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This is due to the increasing demand for oil & gas, water & waste water, food & beverage, pharmaceuticals, and other end-use industries. Ultrasonic flow meters can handle high pressure, temperature, and are reliable.

They are inexpensive to maintain and easy to use as they do not make use of moving parts. They do not hamper the flow and therefore can be applied to corrosive and abrasive liquids.

The water & waste water segment accounted for the largest share of the flow meters market

The water & waste water segment accounted for the largest share of the flow meters market in 2016 on account of the rising demand of high-quality water for various uses including drinking. The rising population in emerging economies exerts pressure on the government to build water resources that are under massive strain.

This, in turn, is driving the market for flow meters.

Asia Pacific is projected to be the fastest-growing market for flow meters

Based on region, the flow meters market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is the fastest-growing market for flow meters and is primarily driven by the increased demand from end-use industries such as oil & gas, water & waste water, chemical, power generation, metals & mining, and others.